Elgin,
IL, March 29, 2002 - The Middleby Corporation (NASDAQ: MIDD), a global supplier
of equipment to the foodservice industry, today reported earnings for the fourth
quarter and the fiscal year.As
previously reported the company completed its acquisition of Blodgett Holdings,
Inc. from Maytag Corporation on December 21, 2001.Accordingly, the results of the fourth quarter and full year include the
earnings of Blodgett for the period subsequent to the acquisition.

Net
sales for the fourth quarter of fiscal 2001 were $25,798,000, a 17% decrease
from the 2000 comparable period.Earnings
before income taxes decreased to $851,000 as compared to $2,359,000 in the prior
year quarter.Net loss for the
quarter was $681,000 or ($.08) per share as compared to a net earnings of
$1,299,000 or $.14 per share in the fourth quarter of 2000.

For the
fiscal year ended December 29, 2001 net sales were $101,552,000, a decrease of
20% from the prior year.Earnings before income taxes decreased to $6,400,000, a
decrease of 30% as compared to $9,143,000 in fiscal 2000.Net earnings for the year were $1,636,000 or $.18 per share
as compared to $3,538,000 or $.35 per share in fiscal 2000.

Sales in
the fourth quarter and fiscal year were impacted by the slowdown in the U.S. and
international economies.The sales
decline also reflects slowed store openings of major pizza chain customers,
particularly in the international markets.In addition, international sales were impacted by the effect of weaker
foreign currencies resulting in lower reported revenues when translated into
U.S. dollars.Despite the decline
in fourth quarter sales, the company experienced improvement in the year-end
order rate and anticipates improvement in the 2002 first quarter sales volumes
over the fourth quarter of 2001.

Gross
profit in the fourth quarter of 2001 was $6,612,000 as compared to $13,050,000
from the fourth quarter of the prior year as a result of the decrease in sales
volume.The fourth quarter also
included inventory write-downs of $868,000 associated with discontinued product
lines related to Blodgett.The
gross margin rate for the quarter was 25.6% as compared to 42.1% in the prior
year, reflecting the impact of the inventory write-down and lower production
efficiencies resulting from the decline in production volume.Gross profit percentage was also adversely impacted by the Blodgett
operations that were shut down for the period subsequent to the acquisition on
December 21, 2001 through the end of the year due to holidays.

Operating
expenses in the fourth quarter of 2001 were $5,197,000 as compared to
$10,112,000 in the fourth quarter of 2000.The reduction in expenses reflects a combination of savings from lower
payroll related costs resulting from reduction in employee headcount during the
first half of 2001 which took place in response to the slowed sales volumes,
tightened controls on discretionary spending, and lower variable expenses
related to sales such as commissions and incentive compensation.

Operating
income amounted to $1,414,000 in the fourth quarter of 2001.The fourth quarter operating income was impacted by results of Blodgett,
including operating losses of $273,000 for the period subsequent to the
acquisition on December 21, 2001 through year-end and inventory write-downs of
$868,000 for discontinued products.Operating
income excluding the Blodgett results amounted to $2,555,000 as compared to
$2,939,000 in the prior year fourth quarter, which was lower due to the decline
in sales volumes.

Interest
expense increased to $279,000 for the quarter as compared to $53,000 in the
prior year due to the increased debt associated with the financing for the
acquisition.Other expense
decreased to $285,000 for the quarter as compared to $526,000 due to lower
foreign exchange losses.

The
company recorded a tax provision of $1,531,000 at an effective tax rate of 179%
during the fourth quarter. The fourth quarter provision included amounts for
state tax assessments.The effective tax rate was also impacted by losses at certain
international operations for which the company has recorded no tax benefit.

Commenting
on the company’s performance for the fourth quarter, Selim A. Bassoul,
President and Chief Executive Officer, said, “The fourth quarter earnings were
impacted by the acquisition of Blodgett and the related inventory write-downs,
which lowered operating income by approximately $1.1 million.We anticipate there will be further costs incurred in the first half of
2002 as we complete the integration of Blodgett.Excluding the impact of the Blodgett related results, earnings and cash
flow continued to be solid despite lower net sales.We are confident that we will see an increase in sales as there is
improvement in the global economies.Despite
the decline in net sales from 2000, we believe we have made market share gains.The purchase of Blodgett further strengthens our market position and
broadens our product offerings.”

Mr.
Bassoul added, “The company has made significant progress integrating Middleby
and Blodgett in the first quarter of 2002.We have completed initiatives to reorganize the management structure and
reduce headcount.Additionally, we
are in the process of consolidating several manufacturing facilities, which will
result in further improvements to the cost structure of the Blodgett
operations.”

Statements
in this press release or otherwise attributable to the company regarding the
company’s business which are not historical fact are forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.The company cautions investors that such statements are
estimates of future performance and are highly dependent upon a variety of
important factors that could cause actual results to differ materially from such
statements.Such factors include,
but are not limited to, the ability to successfully integrate the acquired
operations of Blodgett, variability in financing costs, quarterly variations in
operating results; dependence on key customers; international exposure; foreign
exchange and political risks affecting international sales; changing market
conditions; the impact of competitive products and pricing; the timely
development and market acceptance of the company’s products; the availability
and cost of raw materials; and other risks detailed herein and from time-to-time
in the company’s SEC filings.

The
Middleby Corporation is a leader in the design, manufacture, marketing and
service of a broad line of equipment used for cooking and preparation of food in
commercial and institutional kitchens and restaurants throughout the world.The company’s leading equipment brands include Blodgett®,
Blodgett Combi®,
MagiKitch’n®,
Middleby Marshall®,
Pitco Frialator®,
Southbend, and Toastmaster®.Middleby’s international subsidiary, Middleby Worldwide, is a leading
exporter and distributor of foodservice equipment in the global marketplace and
its international manufacturing subsidiary, Middleby Philippines Corporation, is
a leading supplier of specialty equipment in the Asian markets.